It is a view held by some Authorities that “strategic management” would be a better term in place of “risk management” in order to describe and explain the management techniques suitable for any types of uncertainty. Strategic management, in its broader sense would differ from risk management of exposures to accidental losses (a) Strategic management encompasses both pure and speculative risks with equal importance, (b) Strategic management aims at growth of an organization to fulfill its full productive potential (c) Strategic management focuses on an organization as a whole and not only on loss exposures. Thus, risk management of exposures to accidental losses can be viewed as part of strategic management and therefore becomes an independent discipline and part of the more generic strategic management. As against, the major Risk Management objectives for an enterprise can be mere survival, peace of mind, lower risk management costs and thus higher profits, fairly stable earnings, little or no interruption of operations, continued growth, satisfaction of the firm’s sense of social responsibility or desire for a good corporate image, satisfaction of externally imposed obligations (e.g., legislative requirements). “Risk Management” is as such become a popular term. Its use has grown as experts in multiple fields have recognized their inability to precisely predict outcomes in specific situations within their areas of operation.